Driving Better Business Value with Oracle ERP Cloud

Transcription

1 Driving Better Business Value with Oracle ERP Cloud Deloitte Consulting LLP Oracle Open World 2014 Varun Dhir, Sr. Manager Mauro Schiavon, Sr. Manager

2 Background

3 Digital Transformation is a Strategic Imperative No matter how you view it, digital technologies are changing the competitive dynamics of the global economy and creating significant value for companies that know how to leverage them What are the disruptive Digital technologies? Cloud, Social, Mobile and Big Data Digital Laggards Average Adopters Digital Leaders 3% reduction in total cost base 20% increase in bottom line benefit over the next 5 years 9% reduction in total cost base 30% increase in bottom line benefits over the next 5 years 20% reduction in total cost base 2.5X growth in digital sales 50% increase in bottom line benefits over the next 5 years Source: Finding Your Digital Sweet Spot McKinsey Quarterly, Fall 2013 To succeed in the Digital Age, organizations should recognize the value of a holistic approach to digital transformation that can drive both operational savings and the flexibility needed to change business models and processes 2 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

4 Where exactly does Cloud ERP Fit in the overall scheme? Cloud ERP is both a digital enabler in itself, and has been built ground up by leveraging other digital enablers. It is a significant component for driving value through digital transformation Digital Transformation Enablers Social Mobile Cloud Big Data & Analytics Sales Service Marketing CRM Projects Financials EPM Procurement Supply Chain ERP Human Capital Recruiting Talent HCM Whether you are ready to embrace it not, assessing Cloud ERP s value, operating model and roadmap is rapidly becoming a business imperative Social Mobile Cloud Application Technology Foundation Big Data & Analytics 3 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

5 Why traditional ERPs won t drive the same value.. Traditional ERPs have reached maturity in their innovation cycle. They may continue to be supported, but will not enable the value driven by the combined force of digital transformation elements. Cloud ERPs will innovate at an unprecedented pace that can drive increased value for adopters on a continuous basis Cloud ERP Traditional ERPs Introduction Growth Plateau and Decline Pace of innovation It is essential to take foundational and strategic ERP platform decisions with the future value potential in mind. Begin by understanding the value potential Phase 4 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

6 When should I seriously consider Cloud ERP? A business or IT event that leads to foundational or strategic ERP decisions should trigger a serious assessment of Cloud ERP and its value potential Business Events IT Events Business unit consolidation Acquisition Divestiture / spin off Preparation for IPO Business transformation mandate (e.g., increase working capital) Moved to back-office shared service model Losing support on an old version Alternative to costly upgrade Reduce maintenance on highly customized applications Systems consolidation (e.g., HCM, expenses, procurement, projects) Data center consolidation and support cost reduction Avoid new IT infrastructure costs 5 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

7 Deconstructing the value potential of Cloud ERP

8 Forces driving the Cloud ERP value A paradigm shift in IT operating model, technology foundation and business process enablement create a chasm of value differential between cloud and traditional ERPs 1. Total cost of ownership 2. Business process transformation enabled by product capabilities 3. In-built digital transformation enablers 4. Underlying technological foundation Economics, business transformation, standardization and simplification, agility, speed-to-market, talent availability, retention and attraction talent, 5. Cloud operating model 6. Front and back office Synergy Value Delivered 7 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

9 1. Total Cost of Ownership

10 Total Cost of Ownership Comparison Cost Categories Hardware Infrastructure Server hardware and software Costs for switch ports Network hardware and software Primary and secondary data center Fail over servers Back-up and recovery process Software 100.0% 90.0% 80.0% Annualized cost comparison 15.1% Enterprise application license fees License fees (Database, Middleware, Operating system software) 70.0% 22.5% 7.1% Subscription Cost (SaaS) Based on number of employees (HCM), number of users(per month) and transactional volume for a certain duration Operating Cost On-Premise Electricity(for hardware cooling, back-up power) Annual server software maintenance incl. physical and virtual server software Cost for additional years of storage maintenance beyond the included warranty period Upgrades, patching, and license renewals Software application license renewals On-Premise and SaaS Testing costs WAN Labor/Implementation Cost 60.0% 50.0% 40.0% 30.0% 20.0% 37.2% 13.5% 53.3% Software Operational Costs Labor Costs Subscription Costs Infrastructure Costs One time implementation cost On-going maintenance and testing Security (including breaches, loss of reputation, recovery and prevention) Training 10.0% 0.0% 25.3% On Premise 0.0% Cloud Source: Forrester Jun 2012 Understanding the true cost of cloud services 9 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

11 2. Business process transformation enabled by product capabilities

12 Business Value - Shareholder Value Analysis The Enterprise Value Map TM is a Deloitte framework of measures that link operational drivers to Bottom-line value Operating Income Drivers Revenue SG&A COGS Fusion Applications enables features and capabilities that positively impact key operational drivers and therefore the bottom-line Working Capital Drivers Receivable Days Inventory Days Payable Days 11 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

13 Business value driven by product capabilities Operating Margin and Shareholder Expectation Asset Efficiency Inventory Days Asset Efficiency Receivable Days Asset Efficiency Payable Days General Ledger Purchasing Receivables Payables Improve financial reporting efficiency Improve breadth, depth and quality of financial information (asset, budget, price/cost, treasury, debtor/creditor, performance, tax, risk, etc.) Improve accounting and measurement processes Improve management of regulatory compliance Fusion Accounting Hub Increase use of just-in-time procurement Sourcing Improve collaboration with vendors/partners Inventory and Costing Improve inventory management Increase use of vendormanaged/vendor-warehoused inventory Improve customer incentives for accelerated/on-time payment Differentiate credit treatment of customers/ segments Improve and standardize credit assessment processes Improve management of credit/loan portfolio Improve assessment and benchmarking of credit/receivables performance Improve forecasting, planning and prioritization skills and tools Improve accounting and measurement processes Improve business performance reporting Fusion Product Hub process Divest low-demand/obsolete Improve financial risk management process inventory Improve measurement and reporting of operational and financial performance Improve access to and distribution of Demand Forecasting performance information Improve management of regulatory Improve demand forecasting compliance 12 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software. Advanced Collections Improve management of delinquent accounts Improve collections processes Leverage credit rating to lengthen payment cycles and reduce interest rates Leverage breadth of vendor relationships to lengthen payment cycles Improve alignment of A/P systems and processes with days- outstanding strategy Improve coordination of payments across business units Improve assessment and benchmarking of A/P performance Supply Chain Cloud Procurement Cloud Financials Cloud CPQ (Big Machines) Cloud CRM Cloud On-Premise

14 Business value driven by product capabilities Revenue Growth Operating Margin COGS - SGA Operating Margin COGS - SGA Customer Relationship Management Purchasing Inventory and Costing Tailor marketing and sales approaches to customer segments Implement proactive and reactive cross-sell and up-sell campaigns Increase use of differential pricing mechanisms (based on customer value, risk, etc.) Shorten order-to-delivery cycle time / Improve product and service availability Improve use of national/global purchasing power Improve product & service procurement processes (equipment, supplies, etc.) Improve ordering and receipt processes (raw materials, intermediate materials, finished components, etc.) Sourcing Improve cost accounting and allocation of shared/overhead costs Increase use of vendor-managed/ vendor-warehoused inventory Tax Improve tax management processes (direct and indirect tax management) Fusion Product Hub Improve product and service lifecycle management Order Management Shorten order-to-delivery cycle time / Improve product and service availability Improve selection, acquisition and contracting processes Improve collaboration with partners and customers Improve focus on higher-value vendor relationships Procurement Contracts Improve contract management processes (negotiation, execution and compliance) Receivables Improve invoicing/billing processes Assets Improve terms on purchased and leased assets Improve asset management processes (fixed and variable assets) Supply Chain Cloud Procurement Cloud Financials Cloud CPQ (Big Machines) Cloud CRM Cloud On-Premise 13 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

15 3. In-built digital Transformation enablers

16 Modern Finance- Digital Concepts Driving New Capabilities As demonstrated by the new capabilities, Oracle Cloud Financials enable Finance Departments to automate, streamline and control their end-to-end financial management processes. This is an outcome of apps that are built ground-up on digital enablement principles and technology Simplify Using leading reporting tools to get boardroom-quality information how, when and where you need it Digital Transformation Enablers Social Mobil Cloud Big Data & Analytics Standardize Centralize Embedded decision support in transactions to give the information then and there rather than finding your own way by running reports or looking up additional data Dashboards bring all relevant information to you in a single place and inform you what s important Automate Spreadsheet integration, imaging and built in collaboration tools. 15 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

17 Modern Finance- Digital Concepts Driving New Capabilities User Experience Role-based dashboards Embedded Intelligence Leading Reporting and Analysis Tools Spreadsheet and Native imaging Integration Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes 16 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

18 User Experience: Simplicity, Mobility, and Extensibility User Experience Role-based dashboards Embedded Intelligence Leading Reporting and Analysis Tools Spreadsheet and Native imaging Integration Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes 17 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

19 Mobile Expenses Quick entry for on-the-go workforce Easy sync with Oracle Cloud Expenses Voice capture to record expenses Photo capture to scan receipts Location based on GPS location Smart integration with contacts and calendar Information used with permission from Oracle. 18 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

20 Simplified User Experience Analyze and investigate account balances in a data table and gain additional insight through visualization Colors and shading show account balance changes Rings demonstrate impact of child accounts on related parent accounts UNDERSTAND AND INTERPRET THE DATA THAT MATTERS. 19 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software. Information used with permission from Oracle.

21 Role-based Dashboards Embedded Collaboration User Experience Role-based dashboards Embedded Intelligence Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions Leading Reporting and Analysis Tools Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Spreadsheet and Native imaging Integration Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes 20 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

22 Collections Manager - Increase collectability and ensure no delinquency is overlooked 21 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

23 Payables Manager alerted to exceptions from automated invoicing and payment processing 22 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

24 Dashboards Instant access to up-to-date information and analysis Watchlist of tasks awaiting action Embedded social collaboration to resolve issues faster WHAT I NEED TO KNOW. WHAT I NEED TO DO. WHO CAN HELP ME. Information used with permission from Oracle. 23 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

25 Embedded Social Media Concepts External social networks are influencing the collaboration systems that are being developed for the inside of enterprises. As those evolve, they will change the way employees work together and the level at which they collaborate. How is Cloud ERP is Leveraging Social Media Concepts Better collaboration in the close process Improved visibility to who did what when for faster issue resolution Increasing speed of access to internal experts Potential Benefits Social Media Reducing communication and travel costs Increasing employee satisfaction and retention Increasing speed of education and knowledge 24 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

26 Embedded Social Collaboration for Period Close Social business objects embed targeted conversations into your processes for effortless collaboration and greater productivity Visual representation of close process status across the organization Immediate access to contact information Real-time access to close status... and summary financial details and contextual collaboration embedded into your applications and business processes Information used with permission from Oracle. 25 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

27 Embedded Intelligence User Experience Role-based dashboards Embedded Intelligence Leading Reporting and Analysis Tools Spreadsheet and Native imaging Integration Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes 26 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

28 Embedded Intelligence Instant decision support Journals Projected account balance Embedded Intelligence Real-time analytics Information is in context Visual cues guide actions Payables Invoices Supplier holds Identify PO schedules and receipt lines that have already been matched Receivables Receipts View recommendations when applying receipts Information used with permission from Oracle. 27 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

29 Leading Reporting and Analytics User Experience Role-based dashboards Embedded Intelligence Leading Reporting and Analysis Tools Spreadsheet and Native imaging Integration Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions 28 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software. Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes

30 Self-service reporting and analytics against real-time data Centrally access live reports and report snapshots Efficiently distribute reports to authorized users View live reports View pre-published snapshots for point-in-time reporting Perform multi-dimensional analysis and drill down from anywhere View reports in any output Be alerted to account balances that exceed thresholds 29 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

31 Board Quality Financial Statements Supports multiple output options: (MS Office, PDF, HTML) Expand parent to view detail balances Live, interactive financial reporting Professional quality, web-based financial reports Multi-dimensional analysis, pivoting, and drill down on live data Easy to define reports Drill down to original transactions Export to Excel for further analysis 30 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

32 Ad Hoc Ledger Queries with Multi-Dimensional Analysis Perform ad hoc queries with multi-dimensional pivoting and drilldown at the click of a button Pre-aggregated balances are stored at every level for rapid analysis across any dimension of your chart of accounts Pre-aggregated balances at every level ensure immediate results Change dimension values and instantly refresh results Drag and drop any dimension for further analysis Drill to detail balances, then to journal lines and to underlying transactions 31 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

33 Focus on efficiency and automation User Experience Role-based dashboards Embedded Intelligence Leading Reporting and Analysis Tools Spreadsheet and Native imaging Integration Simplicity, Mobility, and Extensibility Simplicity: Provide users with information on what they need to know, what they need to do, How to get it done, and who can help Extensibility: Offers tailorability allows users to adapt the application to suit their personal or org needs Mobility: For on-the-go workforce Information-driven dashboards that are tailored for the different roles Dashboards push work and transactions that require attention Watch list of tasks awaiting action Role-based security WHO can do WHAT on WHICH set of data Embedded social collaboration to resolve issues faster BI in the operational process that drives your business Provides relevant, timely, and actionable information Information is always in the current context, directly applicable to the transaction at hand Visual cues guide actions Real-time self-service operational reporting and ad-hoc analysis through Order Transactional Business Intelligence Self-service, boardroom quality management reports Multi-Dimensional Balances pivot and drill to any level from anywhere Work with familiar tools Reduce data entry Drilldown to details Drag-and-drop data selection Reduce workload by eliminating paper-based processes 32 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

34 Spreadsheet Integration - View Work with familiar tools Real-time integration to Oracle Cloud General Ledger balances Drilldown to details Drag-and-drop data selection Information used with permission from Oracle. 33 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

35 Increase productivity with low effort and cost Spreadsheet integration Reduce data entry Provide a familiar environment that is highly efficient Out-of-the-box imaging integration Reduce workload by eliminating paper-based processes 34 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

36 4. Underlying Technological Foundation

37 Fusion Technological Foundation Sweeping changes in Fusion s Technological Foundation leapfrogs adopters into value driven by new generation technology concepts Increased Productivity Through Extensibility UI extensibility: Drag & drop fields Rearrange regions Add approved external content Save favorite queries Business user friendly composers to make the changes - Configurations not customizations Upgrade friendly changes result in lower maintenance cost 100% Open Standards Based Applications More talent available Lower cost of integration and maintenance Allows extensive configuration options with no upgrade impact Modern Tailor Business Processes Leverage Business Process Composers to tailor business processes: Drag and drop tasks Add modify rules Upgrade friendly business process definitions Configurable approval hierarchy definitions Revised UI Standards Built for enhanced user experience with focus on role: What do i need to do? What do i need to know? How do I get it done? Who do I need to reach? Increased Productivity, Increased Efficiency, Lower maintenance cost, Lower deployment cost, Decreased user errors 36 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

38 5. Cloud Operating Model

39 Cloud Operating Model Cloud operating model provides several breakthrough benefits far beyond the total cost of ownership and product capability benefits that are usually paid attention Cloud operating model enforces out-of-box functionality Same code base for On-premise and Cloud ERP Upgrades are automatically available periodically at customers discretion Equal or greater security due to separate virtual database for each client Agility & lower time to value Continuous value realization via latest features achieved through regular upgrades Hybrid model: Use as a stepping stone to cloud maximization, leverage co-existence with legacy and 3rd party apps Leverage IT resources and operating budget for high value added activities Foundational step in aligning with the future of commercial computing SaaS / Modularity framework that provides choice of adoption 38 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

40 6. Front and Back Office Alignment

41 Unified End-to-End IT application and platform Leveraging Oracle Cloud across front and back office increases overall adoption, lowers learning curve, reduces total cost, limits vendors, application support providers, and reduces total cost of integration. Further, it allows for increased value realization resulting from application innovation and evolution Mobile Social Analytics User Experience Personalized Connected Web Marketing Sales Commerce CPQ Service Social Secure Global HR Talent Financials Projects Procurement Planning & Budgeting Integrated Customer Experience Foundation Integrated Applications Foundation Social Network Mobile Analytic KPIs & Dashboards Predictive Analytics Integrations Source: Oracle Cloud Application Strategy This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

42 How To Move Forward?

43 Key Steps to Assessing Cloud Value and Suitability 1 Assess which deployment model is right for you 2 Identify business improvement Opportunity 3 Assess which Determine, business roadmap, Scope functions can go and lock to cloud direction 4 Assess key factors to determine the Operating model Leverage Questionnaire responses to assess options to provide direction on operating model Analyze Stakeholder value and key financial measures Perform Top-Down analysis of share holder value components Perform industry analysis of key performance metrics to identify value drivers Discuss current state business and IT challenges and compare to product capabilities Determine business functions that benefit by adopting out-of-box functionality available on the cloud Determine the right roadmap for cloud move per the agreed model Lock program scope and project charter Initiate project execution 42 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

44 The Deloitte Difference Helping you identify, measure and drive strategies to deliver the Cloud ERP business value Cloud Assessment Model Oracle Fusion SolutionPrint TM Cloud Deployment Methodology Multifaceted approach and experienced professionals to help reduce risk and drive measurable benefits 43 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

45 Our Cloud Assessment Workshop Our four hour cloud ERP assessment workshop focuses on your business and IT challenges and your strategic objectives to determine if cloud ERP is currently appropriate for you Understand Unique Business and IT Challenges Evaluate Cloud Fit and Readiness Present Analysis and Recommendations 44 This presentation should not be interpreted as a representation about or endorsement of any third party products, including Oracle software.

46 As used in this document, "Deloitte" means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. 36 USC Member of Deloitte Touche Tohmatsu Limited This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.